(1) The prohibition in section 136 (prohibition on subsidiary being a member of its holding company) does not apply where the shares are held by the subsidiary in the ordinary course of its business as an intermediary.
(2) For this purpose a person is an intermediary if he—
(a) carries on a bona fide business of dealing in securities,
(b) is a member of or has access to a [UK regulated market], and
(c) does not carry on an excluded business.
(3) The following are excluded businesses—
(a) a business that consists wholly or mainly in the making or managing of investments;
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